Middle East and North Africa Insurance Market Report INSURANCE REPORT 2019

INSURANCE UPDATE 2019 Middle East and North Africa Insurance Market Report INSURANCE REPORT 2019

MENA Insurance Market Report

CONTENTS

1 Introduction 2 Rate Trends 5 Country Analysis

6 United Arab Emirates 7 Saudi Arabia 8 Bahrain 9 Egypt 10 Oman 11 Qatar Introduction In 2018, the region witnessed As with organisations globally, those in the Middle a number of East and North Africa (MENA) region are feeling the impact of transitioning insurance markets. Although significant capacity competition among insurers remains strong and withdrawals, driven capacity is generally available, many insurers are looking to pricing increases in various product lines. by shrinking premium pools and In MENA, meanwhile, the property market has entered a two-tier phase, with rate increases generally seen by companies requiring international reinsurance capacity, increased major- while flat rates are generally seen by companies whose capacity requirements can be satisfied by local insurers. loss activity in the energy sector. The transition is felt particularly in some of the specialty classes, including construction, power and utilities, and downstream energy, where market capacity and appetite has fundamentally shifted. Major losses in the region, coupled with global catastrophe losses in 2017 and 2018, have changed many insurers’ strategies, which may include the use of more selective risk assessments.

In 2018, the region witnessed a number of significant capacity withdrawals, driven by shrinking premium pools and increased major-loss activity in the energy sector. Moreover, the trend of (re)insurers establishing MENA offices began to reverse in 2018. Adverse claims activity and resultant cost-cutting caused many companies to close regional offices and move underwriting authority back to Europe or Asia. Combined, these factors have changed the market’s profile – ultimately raising premiums and leading to stricter underwriting discipline. Additionally, credit issues are a concern for some insurers, resulting in increased scrutiny of debt and cash flow, and the implementation of safeguards to ensure that premiums are paid.

At the same time, the Middle East has been buoyed by positive developments in the last 12 months. Stable oil prices have led to a steady increase in government spending and large-scale projects in many countries. Egypt’s economy is growing steadily – as is its insurance market – and leadership reforms in Saudi Arabia are behind an improving economy and more business-friendly environment, thus attracting foreign investments and leading to ambitious new projects.

Meanwhile, the insurance markets in UAE, Bahrain, and Oman continue to mature. Companies in MENA are increasingly looking to protect risks, including political violence, data-related losses, management liability, errors and omissions, and business interruption.

With the global and regional insurance markets in transition, it is more important than ever for insurance buyers to work with their brokers and other counsel to prepare diligently and well ahead of insurance renewals.

Marsh • 1 Insurance Coverage Rate Trends Directors and Officers Construction INCREASE (D&O) Liability INCREASE

Insurance prices in the construction market had been declining Globally, increasing litigation and regulatory risks, more since around 2005. However, the trend has generally reversed notifications in the MENA region, and profit pressures following since the end of 2018 due to a number of large losses globally, years of premium reductions are prompting underwriters to including what may become the largest-ever loss, estimated carefully manage the capital they deploy for D&O risks. to be around US$1.8 billion. Other factors affecting the MENA construction insurance market include: This has diminished insurer competition for buyers and resulted in higher rates and less favourable coverage terms for most •• Major energy construction and operational losses in buyers. D&O insurance in the region is voluntary, except in the the Middle East, which have far exceeded insurance UAE, in Dubai International Financial Centre, and Abu Dhabi market estimates. Global Market. •• Some poorly performing syndicates exiting the construction sector, following a Lloyd’s of London performance review.

•• UK market losses in the construction industry with delay Energy in start-up (DSU) exposure. INCREASE

•• Increasing market consolidation/restructuring. The energy market is looking to enforce stronger discipline •• Reinsurer market downgrading/run-off. around pricing and coverage, driven by consecutive years of shrinking profitability. Sustained downwards pressure on ratings •• Significant reduction in global reinsurers’ overall capacity. since 2014, combined with poor underwriting years in 2017 and 2018 for the downstream portfolio, increased volatility in 2018. Prices and deductibles increased on 2019 placements, pushing up the price of available capacity compared with similar projects Based on the specific loss experiences of upstream and placed in late Q3 and Q4 2018. Some key reinsurers have exited downstream energy, there was significant divergence in the the business due to revised risk appetites, while the remaining rate movement year-over-year between these two parts of the have taken a tougher stance on terms and conditions. (Re) markets. While ratings in the first half of 2018 were typically flat insurers are also revising their quotes upwards once the initial on the prior year, the third and fourth quarters of 2018 saw the validity period has lapsed. Certain geographies, however, are downstream sector first generally push for single-digit increases, not experiencing market transition on the same scale, including and then for double-digit increases by 1 January 2019. The spate Saudi Arabia, due in part to regulatory requirements imposed of downstream losses in September and October 2018 gave the by the Saudi Arabian Monetary Authority (SAMA), including process significant momentum while, in contrast, the upstream “minimum adequate deductibles” and compulsory engineering market remained relatively stable, buoyed by another profitable surveys. year in the absence of significant market losses.

Changes to market capacity have accentuated volatility as the Cyber market looks to ensure long-term sustainability. The pace of STABLE change in the downstream market has recently accelerated as further losses in the refining sector challenge the sustainability of some portfolios. Cyber insurance, a relatively new product in the region, is likely to expand as the pool of first-time buyers grows, and existing buyers increase the amounts purchased. Most cyber NOTE insurance policies focus on business interruption. The impact of key international regulatory changes, such as the EU General Rate trends provided throughout this report represent Data Protection Regulation, remains to be seen in the region. the general trend for the last six months, at the time of As cyber risk awareness grows within the region, insurers may publication. Individual circumstances and pricing will differentiate by sectors. vary by company.

2 • Middle East and North Africa Insurance Market Report 2019 Marine Property STABLE INCREASE

A reduction in capacity from Lloyd’s of London syndicates The MENA region currently has a two-tier property insurance was counter-balanced by capacity in the regional markets. market. Companies requiring international reinsurance capacity Competition among insurers, the ready availability of insurance, are generally seeing rate increases, as large insurers seek higher and relatively few losses, are keeping rates generally stable. On rates, increased deductibles, and deploy less capacity. However, stock throughput solutions, Lloyd’s of London syndicates have companies with capacity requirements that can be satisfied played a larger role. Recent catastrophic losses and natural by locally are generally seeing flat rates and, in some cases, disasters have resulted in more cautious underwriting, which reductions. might lead to rate increases. More generally, companies with poor loss experience, or high-asset values or high-risk exposures – where pricing is driven by the reinsurance market – are generally seeing significant Power rate increases. Meanwhile, companies with favourable loss INCREASE experience and good-quality risk management remain attractive to underwriters. Companies should be prepared to provide The power and utility market generally experienced reduced more underwriting information, including survey, construction, rates over the last 10 years, up to early 2018. However, the occupancy, protection, and exposure information. turbulent Gulf of Mexico hurricane season in 2017, coupled with a high frequency of large losses, saw another year of poor results In addition to pricing, coverage (particularly for contingent from international reinsurers, with most now unwilling to give business interruption), deductibles, and business interruption reductions. Most insurers are initially seeking increases in the waiting periods are being scrutinised as insurers seek certainty 20% range, even on loss-free accounts, although this may be of coverage exposure and reduce their attritional loss exposure. reduced on negotiation. More insurers are also applying natural catastrophe sub-limits.

Companies with large losses and poor standards of risk engineering often fare much worse. The MENA market remains a strong access point for businesses domiciled in the region; Trade Credit STABLE however, London and Asia markets can provide competitive lead terms, especially where the project involves proven technology (for example, turbines/solar panels/ wind turbines), and for The trade credit insurance market has evolved in the last five well-engineered accounts. years. Insurers have invested in strengthening their information and financial knowledge of companies, new coverage structures, stricter “know your customer” (KYC) requirements of the Professional suppliers/insured, and choosing the right businesses with which to create a long-term partnership and a sustainable programme. Liability INCREASE However, key sectors, including construction and IT, where insurers have faced losses are currently either off-cover or on Rates generally are increasing, as a result of reduced capacity in very restrictive cover. the market driven by global losses and a review of professional liability limits by Lloyd’s of London. Professional liability is With the challenging business environment, stretched payment mandatory for engineers in Abu Dhabi and Bahrain. terms, liquidity squeeze, and large skips cases across industries, All engineering offices – including foreign branches operating trade credit insurance is growing quickly. The implementation in Bahrain – are required to have professional indemnity of VAT in the UAE and Saudi Arabia in 2018 is bringing more insurance, and licences of engineering offices will not be transparency and discipline to financial reporting, which could renewed otherwise. lead to insurers making more informed credit decisions.

Marsh • 3 THE 5 RISKS OF GREATEST CONCERN FOR DOING BUSINESS IN MENA GLOBAL RISKS REPORT

1. Energy price shock 2. Unemployment or underemployment 3. Terrorist attacks 4. Failure of regional and global governance 5. Fiscal crises

Source: Executive Opinion Survey 2018, World Economic Forum

4 • Middle East and North Africa Insurance Market Report 2019 Country Analysis Insurance Rate Changes By Country

General Liability Motor Workers’ Property Medical Life Compensation/ (CAT & Non-CAT) Employers’ Liability

UAE

Saudi Arabia

Bahrain

Egypt

Oman

Qatar

Rate Trend

Increased Stable Decreased

Medical Trend Rates Are Outpacing Inflation Across MENA SOURCE: MARSH, 2019 MEDICAL TRENDS AROUND THE WORLD.

Country/Region 2018 medical trend 2018 estimated 2019 projected 2019 forecast rate experienced inflation rate medical trend rate inflation rate MENA 14% 5.6% 13.6% 5% United Arab Emirates 11.2% 3.5% 12.2% 1.9% Saudi Arabia 8.7% 2.6% 8.2% 2% Bahrain 8.8% 3% 7.6% 4.8% Egypt 25% 20.9% 22% 14% Oman 22.6% 1.5% 24.3% 3.2% Qatar 11% 3.7% 11% 3.5%

Marsh • 5 United Arab Emirates (UAE) strategies and are supporting employees’ General Liability Property health and educating them on their medical plans. Abundant capacity has led to a Recent fire losses have created a two- competitive market for general liability tier property insurance market. These insurance, marked by some increased losses – in both aluminium combustible Life limits. Retention levels remain fairly low panel-cladded structures and other and, although there have been some buildings – have reduced profitability Life insurance continues to be extremely claims notifications, many of these have for many (re)insurers. Companies with competitive, with increased capacity and not materialised, partly because the loss-free accounts generally are still able possible large rate reductions available UAE is less litigious than some other to achieve rate reductions, but insurers to some companies. Some insurers have MENA countries. Insurers are mitigating are increasing requirements for survey, widened their terms and conditions, increased claims notifications by construction, occupancy, protection, and and reduced the number of exclusions restricting jurisdictions under policies exposure information. in their policy wordings. Many are to UAE law, where there is less legal offering discounts when medical and life precedence than some other regions. On the other hand, reinsurers are insurance programmes are combined. carefully deploying capacity to large risks exceeding local market appetite. Motor Accordingly, rate increases have been witnessed along with increased Motor insurance was affected by changes deductible and less capacity deployed. In introduced by the Insurance Authority some instances, restrictions over natural UAE in 2018 – including a unified catastrophe covers have been imposed. wording, deductibles, and maximum tariff rates – which have improved both Business insurance rates have generally the bottom- and top-line performance of been stable for risks within local market most motor insurers, many of which are capacity such as hotels, theme parks, looking to expand their business. Some retail risks, and malls. Property on companies have been able to secure reclaimed land remains excluded for comprehensive coverage for vehicles up many underwriters, who tend to be to 15-years old, and also to increase limits very cautious. Some local insurers have for third-party liability coverage up to changed their treaty structure to enable US$1 million. larger programme participation and less reliance on facultative reinsurance; however, there is still a heavy reliance on Workers’ international reinsurance markets driven Compensation by reduced market capacity.

OPPORTUNITIES The workers’ compensation insurance Medical market remains highly competitive, with Several insurers in UAE are some companies achieving substantial exploring other types of rate reductions, depending on their The medical inflation rate experienced insurance they can provide in claims experience. by insurers is expected to increase to 12.2% in 2019, according to “Mercer order to boost growth. Some Marsh Benefits – Medical Trends around insurers are also looking to the World”. The cost of care is outpacing provide tools (for example, inflation by four times, with medical portals/online solutions) to inflation being driven by mandatory drive growth in the small- and Rate Trends cover in the emirates of Abu Dhabi and medium-size enterprises space. Increased Dubai. Some employers are seeing At the same time, some larger insurers are likely to look to Stable reductions in medical insurance Decreased premiums, principally those that mergers and acquisitions in the have implemented cost-containment next 12–18 months.

6 • Middle East and North Africa Insurance Market Report 2019 Saudi Arabia

General Liability Property

Greater emphasis on general liability Property insurance rates in the local insurance is being driven by project- market have stabilised from a declining specific and operational company trend after introduction of minimum requirements. Competition among deductibles by SAMA. However, a insurers in this segment remains correction to rate trends has recently strong, driven by low blood money been witnessed in line with global and compensation, as allocated by Sharia local changes. For buyers with high-asset law, and a low frequency of settlement values or high-risk exposures where litigation cases. pricing is driven by the reinsurance market, or poor loss experience, rate increases have been imposed. Motor However, companies with favourable loss experience and good quality risk management remain attractive to Motor insurance comprises an estimated insurers. 34% of gross written insurance premiums in the Saudi Arabian market1. The recent decision to allow women to Medical hold driving licences is likely to boost demand for motor insurance further. Since an intervention by the Saudi Medical insurance premiums make up Arabian Monetary Agency (SAMA) to about half of the gross written premium base prices on actuarial ratings, there has in the Saudi Arabian insurance market, been a substantial rise in premiums. At and comprise both compulsory and non- the beginning of 2018, price reductions compulsory insurance. Rates increased were controlled via the introduction of a by 5% on average in 2018, due to limited compulsory “no-claims discount”. competition, medical inflation, and losses sustained by some insurers. This trend is likely to continue through 2019, due to MARKET UPDATES Workers’ the introduction of new benefits to the Compensation current mandatory programme. Medical More insurers in Saudi Arabia inflation in Saudi Arabia is expected to are acquiring financial ratings – reduce to 8.2% in 20192. with some receiving an A rating Due to well-established compulsory from Moody’s – a trend that workers’ compensation insurance, most could provide investors with claims are addressed by the General Life more insight into the insurance Organisation for Social Insurance (GOSI). industry’s financial stability. This insurance is usually opted for to Some insurers are exploring cover employers’ liability and, since the More insurers are writing life and group merger and acquisition environment is not particularly litigious, life insurance. Few claims are being possibilities in order to improve there are few claims, making this reported, so competition is high, insurers financial stability. Meanwhile, insurance very attractive to insurers. are seeing good margins, and prices are latent defects insurance, reducing. which was compulsory for government-related projects, Rate Trends is being mandated for all Increased construction projects – Stable potentially opening up a new Decreased market for this product.

1 Saudi Arabian Monetary Authority, The Insurance Market Report 2017, 2017. 2 Marsh, 2019 Medical Trends Around the World.

Marsh • 7 Bahrain

General Liability Property Life

Although general liability insurance is not Companies requiring international Life insurance continues to be mandatory in Bahrain, major companies reinsurance capacity are generally seeing competitive, with rate reductions and government projects insist their rate increases. Property insurers are generally available, as insurers seek contractors buy it. also increasing their requirements for to expand in this profitable market. construction, protection, and exposure Some insurers have widened terms and information, especially for properties conditions and reduced the number Motor with ACP cladding. However, for property of exclusions in their policy wording. insurance buyers whose capacity A rising population and regulatory requirements that can be satisfied by changes, which would make medical Motor insurance rates are generally local insurers, particularly those without insurance mandatory for expatriates, are increasing due to increased claims. prior losses, stable rates typically are likely to drive growth. generally achievable if they can provide Workers’ further safety and security information More generally, analysts predict that Compensation Bahrain’s insurance market – currently the smallest in the Gulf Cooperation Medical Council – will grow by about 7% each Workers’ compensation (WC) insurance year until 2021. is provided by the General Organisation Some medical insurance rate reductions of Social Insurance (GOSI), designed by have occurred in recent years. In 2018, the Bahraini Government with limited medical inflation ran at 8.9%, and in 2019 cover. In addition to the existing GOSI it is projected to be 7.6% due to increases Rate Trends cover, local insurers tend to provide 1 in market competition . This may change, Increased difference in conditions/difference in however, once the proposed imposition limit (DIC/DIL) of GOSI benefits in order Stable of mandatory medical insurance in Decreased to fill the gap in the cover. Most WC Bahrain takes place in the near future. policies are issued with the extension of employers’ liability (EL). WC/EL policies are generally requested by multinational companies or as part of contractual requirements. The premium rates are comparatively cheap due to primary GOSI cover.

1 Marsh, 2019 Medical Trends Around the World.

8 • Middle East and North Africa Insurance Market Report 2019 Egypt

General Liability Property Life

General liability insurance in Egypt For companies whose capacity Life insurance rates are dependent upon is provided by both the local and requirements that can be satisfied the claims, age profile, morbidity, and international insurance markets, by local insurers, there is plenty of mortality rate of the population. With providing plenty of choice. The local capacity and competition among high competition between local and insurance market heavily participates in insurers. However, companies requiring international insurers, rates are more commercial non-heavy industry risks, international reinsurance capacity are or less stable. while more international markets are generally seeing rate increases. Most likely to participate in heavy industry, insurers were compelled to raise their More generally, potential for growth energy, and large construction risks. sum insured due to increases in the price within Egypt’s insurance sector appears of steel and cement products, and the strong1. Low insurance penetration devaluation of the Egyptian pound. Many rates, and opportunities such as the Motor local insurers have also provided rate introduction of micro-insurance, could discounts. boost the sector. Construction is another Many insurers have revisited their rating potential growth area. models for motor insurance, resulting in Medical some rate increases. Rates are stable in some other cases where, for example, a driver has a clean loss record for several Medical insurance rates have years. Motor-vehicle and spare-part dramatically increased as a result of prices have increased dramatically in the currency devaluation and medical recent years, due to the devaluation of inflation projected to be 22%, according the Egyptian pound. The high number to the 2019 “Mercer Marsh Benefits of accidents occurring – due to an Medical Trends Around the World”. Rate Trends increased population and high vehicle However, employers that introduce Increased purchase rate – has compelled insurers to cost-containment strategies, including Stable re-evaluate their rating models. claims controls and case management, Decreased can minimise the rate increase.

1 Oxford Business Group, “Egypt’s insurance sector posts strong growth in tough economic context”, 2019.

Marsh • 9 Oman

General Liability Property Medical

General liability insurance has become The property insurance market has The proposed introduction of compulsory more prevalent in Oman recently, undergone a seismic shift. Traditionally health insurance in Oman has created primarily due to increased risk a heavily reinsured portfolio, the market excitement in the Omani insurance awareness and it being contractually benefited from relatively few claims, market, although its implementation is required for most government-related which translated into reduced rates and due to be phased and insurers are yet projects. And with Omani companies coverage enhancements. This outlook to provide any price indications. The trading globally, it is being required for has now shifted to a transitioning market projected penetration rate is due to international trading. due to recent high-value catastrophe double over the next three years, with and non-catastrophe claims in Oman some companies actively seeking to and the Gulf Cooperation Council purchase medical insurance, although Motor region. Oman recorded its largest some buyers are adopting a wait-and- property claim in 2017, along with sizable see approach. Due to the introduction of losses from Cyclone Mekunu. This has mandatory medical insurance, the Oman Motor insurance is one of the largest affected the reinsurance market, where market is suffering from high medical types of insurance in Oman by net already low-yielding premium pools inflation, which is projected to increase to premium. Volume of claims remains are under pressure from high-value 24.3% in 2019, as opposed to 22.6% high but, due to large premium pools claims, resulting in some reinsurers in 20181. and heavy competition, premium rates exiting the Middle East market and have generally been decreasing in many reducing capacity. Recent large recent years. property renewals have seen upward rate movements. Proactive risk management Workmen’s and incumbent market consolidation is the main approach to managing these Compensation/ changing market conditions. Employers’ Liability

Workmen’s compensation insurance is required by law in Oman. Increasingly, it is becoming a contractual requirement in local and trading contracts, as the Rate Trends trading community becomes more risk- Increased aware. Some companies combine their Stable workmen’s compensation insurance with Decreased their group life policy to reduce costs.

1 Marsh, 2019 Medical Trends Around the World.

10 • Middle East and North Africa Insurance Market Report 2019 Qatar

General Liability Property

Insurance rates for general liability Property insurance rates are relatively have declined as much as 70% to 80% stable, with increases seen in certain in the last five to seven years, yet the occupancies. The exception are insurance market still sees this segment companies requiring international as profitable. reinsurance capacity, who are generally seeing rate increases. The property loss ratio has been in the region of 80% Motor to 100%, aggravated by the rain water damages in October 2018.

The motor insurance market remains competitive, especially fleet insurance, Medical where some companies are experiencing significant rate decreases. Inflationary claims trends are a challenge for motor Employers are showing more interest RISK TRENDS insurers, primarily due to the increased in placing their medical insurance with cost of spare parts and supplies caused local insurers, or with insurers providing Qatar is in the middle of a by the current diplomatic blockade services locally. This is to avoid receiving challenging political boycott, with neighbouring Gulf Cooperation services (such as daily administration), following the blockade Council (GCC) countries. One insurer from insurers from the blockading imposed by several countries, estimates an annual increase of 30% in countries, to protect their data, and also including Saudi Arabia, the costs. However, increased competition avoid the risk of service interruption. United Arab Emirates, Bahrain, among insurers is expected to sustain According to “Mercer Marsh Benefits and Egypt, in June 2017. The the downward pressure on rates for the Medical Trends”, medical inflation is countries cut off diplomatic short term. projected to remain stable at 11% in 2019. relations with Qatar for alleged Medical insurance policy rates have seen violation of a 2014 agreement revisions linked to their loss ratios, with between members of the GCC. Workers’ many programmes experiencing ratios in The blockade has affected Compensation excess of 100%. the placement of insurance, especially property, liability, and medical. However, there Workers’ compensation insurance Life are longer-term reasons for rates generally are reducing due to optimism. The Qatar National competition, reductions in workforce as Vision 2030 aims for balanced, projects near completion, and companies Group life insurance rates are sustainable economic facing budgetary constraints. Insurers competitive, as the insurance remains growth, based on the four still consider workers’ compensation a profitable for insurers. Awareness of pillars of social, economic, profitable line of insurance. this insurance is rising with an increased number of fatalities, especially in the human, and environmental labour category. development. As part of this plan, Qatar has invested heavily in infrastructure, and has ambitious plans to Rate Trends expand its capacity in the Increased oil and gas sector. These Stable investments are expected to Decreased contribute to the growth of the insurance market.

Marsh • 11 12 • Middle East and North Africa Insurance Market Report 2019 ABOUT MARSH

Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market- leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK. For further information, please contact your local Marsh office or visit our website at marsh.com.

GARRY TAYLOR ABED QASSAS Head of Bowring Marsh, Middle East CEO, Bahrain [email protected] [email protected] +971 4 520 3999 +973 1 722 6002

ASAAD QASSAS OMAR GEMEI Placement leader, UAE CEO, Egypt [email protected] [email protected] +971 4 223 7700 +202 2 461 9914

DAL BHATTI MAZAHIR ALI Construction Leader, UAE P&C Placement leader, KSA [email protected] [email protected] +971 4 520 3853 +966 11 4347500

SIMON BELL OMAR AL HADDAD Financial & Professional Lines Leader, UAE EH&B Placement Leader, KSA [email protected] [email protected] +971 4 520 3846 +966 11 4347500

MILIND JAIN HASAN AL LAWATI Trade Credit Leader, UAE CEO, Oman [email protected] [email protected] +971 4 223 7700 +968 2 465 9001

ABHI NAIK VINOD KUMAR Marine Leader, UAE CEO, Qatar [email protected] [email protected] +971 4 586 1406 +974 4 407 7301

WILLIAM BEACH Energy Placement Leader, UAE [email protected] +971 4 520 3999

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